Canadians can access various chequing accounts offered by online banks, credit unions, and traditional banks.
HSBC Canada is one of a few banks in the country with a presence in several international markets, making its everyday chequing accounts of particular interest to Canadian expatriates, new immigrants, and everyone else.
This review of HSBC chequing accounts covers their main offerings, fees, benefits, how to open an account, and whether HSBC is safe.
About HSBC Canada
HSBC Bank Canada is a subsidiary of HSBC Holdings Plc., one of the world’s largest financial institutions. It was established in 1981 and has its corporate headquarters in British Columbia.
HSBC’s Canada operation has more than 140 branches, and customers can access over 3,500 surcharge-free ATMs across Canada through THE EXCHANGE Network.
HSBC Bank Canada offers a full suite of banking services, including chequing and savings accounts, credit cards, personal loans, mortgages, investments, and cross-border banking.
The HSBC Group operates in 64 countries and is listed on the London, New York, Paris, Hong Kong, and Bermuda stock exchanges.
HSBC Chequing Accounts
They offer five chequing accounts, including the following:
- HSBC Premier Chequing
- HSBC Advance Chequing
- HSBC Performance Chequing – Unlimited
- HSBC Performance Chequing – Limited
- HSBC Student Chequing
All HSBC’s chequing accounts provide access to online banking, mobile cheque deposits, free withdrawals from EXCHANGE Network ATMs, and CDIC deposit insurance.
Related: Free Chequing Accounts in Canada
HSBC Premier Chequing Account
- Monthly fee: $34.95
- # of transactions: Unlimited
- # of Interac e-Transfer®: Unlimited
- Non-HSBC ATM fee rebates: Unlimited
The HSBC Premier Chequing Account is a premium chequing account for those who want to enjoy personalized banking without caps or limits.
It is available in Canadian and US Dollars, and you get free personalized cheques.
In addition to unlimited transactions, you also get a dedicated relationship manager and pay $0 in fees on global wire transfers below $10,000.
The $34.95 monthly fee is waived in your first 6 months, and if you meet the following eligibility requirements below, the monthly fee continues to be waived after the 6 months have elapsed:
- Have a $100,000 minimum balance in your combined HSBC personal deposit and investment accounts, or
- Have a minimum $500,000 mortgage account, or
- Deposit a minimum of $6,500 income deposit every month.
HSBC Advance Chequing Account
- Monthly fee: $25
- # of transactions: Unlimited
- # of Interac e-Transfer®: Unlimited
- Non-HSBC ATM fee rebate: Up to 5 rebates per month
The HSBC Advance chequing account offers unlimited debit and Interac e-Transfer® transactions. When you withdraw from non-HSBC or non-EXCHANGE Network ATMs, the fee is rebated up to five times each month.
The $25 monthly account fee is waived in your first 6 months. You can continue to get the fee waived by maintaining a combined deposit of $5,000 in your HSBC accounts or by having a mortgage that is $150,000 or more.
Accountholders also enjoy access to a complimentary no-annual-fee HSBC Advance Mastercard.
Related: Best Scotiabank Chequing Accounts
HSBC Performance Chequing – Unlimited Account
- Monthly fee: $14.95
- # of transactions: Unlimited
- # of Interac e-Transfer®: Unlimited
- Non-HSBC ATM fee rebate: Not applicable
The HSBC Performance Unlimited chequing account offers unlimited withdrawals and deposits at a flat monthly rate of $14.95.
This monthly account fee is waived for seniors who are 60 years or older.
Non-HSBC and non-EXCHANGE Network ATM withdrawals cost $1.50 each, and ATM withdrawals outside Canada have a $5.00 fee.
HSBC Performance Chequing – Limited Account
- Monthly fee: $4.00
- # of transactions: 14 free transactions per month
- # of Interac e-Transfer®: Included in your 14 free transactions
- Non-HSBC ATM fee rebate: Not applicable
The HSBC Performance chequing limited account is the entry-level option for those with limited banking needs.
The $4 monthly fee is waived if you are a youth (under 18), student, senior, or Registered Disability Savings Plan (RDSP) beneficiary.
Debit transactions exceeding the 14 included in your package cost $1.00 each. A $1.50 charge applies to withdrawals at non-HSBC or non-EXCHANGE Network ATMs in Canada and $5.00 for those ATM transactions conducted abroad.
HSBC Student Chequing Account
- Monthly fee: $0
- # of transactions: Unlimited
- # of Interac e-Transfer®: Unlimited
- non-HSBC ATM fee rebate: Not applicable
The HSBC Student chequing account is essentially their unlimited performance chequing account, with the monthly fee waived.
To qualify, you must show proof of your full-time enrollment in a Canadian post-secondary educational program.
The student account is available for a 5-year period and can be extended for an additional 2 years if you can show that you are still enrolled in school.
Following graduation, this account will automatically convert into the Performance Chequing Limited Account.
Related:
How To Open an HSBC Account
You can open an HSBC account online or visit one of their branches. Here are some links to various accounts:
In general, you should be at least 18 years of age and have a Canadian residential address. You will also need to provide your basic personal information, including address, employment details, and social insurance number, if applicable.
Student accounts can be opened online or in person at a branch. In addition to your basic details, you will need to show proof of your enrollment in a school as well as a valid government-issued photo ID.
Newcomers to Canada who live in a country where HSBC is located can open a Premier Chequing or Advance Chequing account online, by phone, or by visiting a local HSBC branch.
You will need to provide copies of your passport and authorization to enter Canada, e.g. visa, confirmation of permanent residence (CoPr), and work or study permit.
Is HSBC Safe?
HSBC Bank Canada is a member of the Canada Deposit Insurance Corporation (CDIC).
This means that your deposits, such as those in savings and chequing accounts, are protected up to $100,000 per category.
Related reading:
- Best HSBC Savings Accounts in Canada
- Best New Bank Promotions in Canada
- Best CIBC Chequing Accounts in Canada
- RBC Credit Cards for Students
Conclusion
One of the five different chequing accounts offered by HSBC Bank Canada can work for you, depending on your needs.
While the Premier and Advance accounts have a significant monthly fee, the fee is waived for the first six months and continually waived if you meet certain conditions.
If you are interested in a premium chequing bank account with one of the big five banks, you can also look at Scotiabank’s Ultimate package or Preferred chequing account.
Newcomers to Canada can get a waiver on the monthly account fees for 12 months and can also continue to waive the fees if they meet the eligibility criteria.
Here’s a review of the best bank account offers for newcomers in Canada.
*Terms and conditions apply.
®Trade-mark of Interac Inc. Used under license.
